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The dollar rose above ¥104.80 in late Tokyo trading Monday after strengthening against the euro.

At 5 p.m., the dollar stood at ¥104.84, up from ¥104.36 at the same time Friday. The euro was at $1.1630 down from $1.1676, and at ¥121.94, up from ¥121.87.

The dollar rose above ¥104.70 by midmorning on purchases by Japanese importers. But the greenback eased later with investors retreating to the sidelines ahead of the U.S. presidential election Tuesday.

“Players cannot be active” until it becomes clear whether the election would create chaos or the next president would be determined smoothly, a currency broker said.

In the late afternoon, the dollar topped ¥104.80 after the euro weakened against the U.S. currency amid the further spread of coronavirus pandemic fears in the wake of British Prime Minister Boris Johnson’s announcement of a one-month lockdown for England, traders said.

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